Redeem, a Web3 technology company, has secured $2.5 million in pre-seed funding led by Kenetic Capital to further its objective of democratizing access to NFTs. The company plans to leverage the funding to support its product launch and bolster its core technology. The present state of the crypto startup funding landscape is marked by a slowdown since the onset of the bear market. Nonetheless, infrastructure projects are enjoying the most significant share of the limited investment that investors are willing to commit to new platforms. In this context, funding is primarily being allocated to projects that facilitate the entry of non-crypto-savvy individuals into the space. Redeem fits into this category as the protocol allows users to link any crypto wallet on any network to a phone number to redeem “utility NFTs” such as tickets, loyalty points, or in-game items by scanning a QR code.

Additionally, users can send and receive non-fungible tokens using Apple’s iMessage, WhatsApp, and text messages without needing a crypto interface or incurring gas fees. Jehan Chu, the founder of Kenetic, a digital asset-focused fund, comments on the investment, stating, “Adoption is the Holy Grail of Web3. Redeem’s core features allow users to access the universe of Web3 in seconds with no prior crypto blockchain knowledge. This is a game-changer for traditional enterprise companies that want to reduce cost and drive new user engagement via Web3 without complicated or risky crypto processes.” Other investors who participated in the funding round include KESTREL 0x1, Monochrome Capital, CMT Digital, The Fund, Flyover Capital, KCRise Fund, and VC3 DAO. Redeem was established by Toby Rush, a tech industry veteran with more than two decades of experience as a founder and investor.